KeyBanc Reiterates a 'Buy' on Ball Corporation (BLL); Raises Price Target
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KeyBanc reiterates a 'Buy' rating on Ball Corporation (NYSE: BLL), raises price target from $48 to $55.
KeyBanc analyst says, "We view the plants acquired from Metal Container by Ball Corp as "gold-plated" assets purchased at an attractive 6.1x EBITDA multiple based on initial synergies to be harvested (systems redundancies) in 2010. The assets are younger on average (built from 1977-1993) than BLL's existing North American plant base (built 1962-1988) and should ultimately generate greater synergies than what BLL has built into its $94 million EBITDA estimate for 2010. Based on this estimate, we believe the transaction would be about $0.15 accretive to 2010 EPS...Our 2009 estimates are unchanged, while we have raised our 2010 estimate from $4.25 to $4.40 to account for initial upside from the acquisition of Metal Container assets."
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Ball Corporation (Ball), is a supplier of metal and plastic packaging, to the beverages, food and household product industries.
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